Loss on sale of depreciable asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2013
that loss is shown on b&p Or in stcl? how Thats entry Is passed?
CA PARAS BAFNA
(Expert)
12 December 2013
.
Loss on depreciable assets under the conditions prescribed U/s 50 is a short term capital loss and accordingly it has to be shown under the head Capital gains. It is suggested to read the Section.
.
You may pass the entry by debiting the Loss on Sale of Assets A/c and transferring the same to P&L A/c.
.
While preparing the computation of Total Income, Add the loss in NP as per P&L A/c and show it separately under the head Capital Gains.
.
.
Loss on depreciable assets under the conditions prescribed U/s 50 is a short term capital loss and accordingly it has to be shown under the head Capital gains. It is suggested to read the Section.
.
You may pass the entry by debiting the Loss on Sale of Assets A/c and transferring the same to P&L A/c.
.
While preparing the computation of Total Income, Add the loss in NP as per P&L A/c and show it separately under the head Capital Gains.
.
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